Srinagar: Jammu and Kashmir Bank shares surged 7.4% on Thursday, reaching an intraday high of Rs 105.44 on the Bombay Stock Exchange. The rally followed the announcement of Amitava Chatterjee as the new managing director and CEO, with his tenure beginning on December 30, 2024.
By midday, the stock traded at Rs 102.85, outperforming the BSE Sensex’s marginal rise of 0.07% to 78,528.01. The bank’s market capitalisation stood at Rs 11,325.66 crore. Despite a 21.7% decline over the past year, recent trends indicate recovery, with a 5.97% gain on December 26 and a 7.92% rise over three days.
Technically, the stock showed strength, trading above its 5-day, 20-day, 50-day, and 100-day moving averages, while its monthly performance of 7.68% sharply contrasted with the Sensex’s 1.65% decline.